Maryland State Retirement & Pension System Boosts Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Maryland State Retirement & Pension System raised its position in Consolidated Edison, Inc. (NYSE:ED) by 0.2% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 392,506 shares of the utilities provider’s stock after purchasing an additional 925 shares during the period. Consolidated Edison comprises about 0.7% of Maryland State Retirement & Pension System’s investment portfolio, making the stock its 22nd largest position. Maryland State Retirement & Pension System owned about 0.11% of Consolidated Edison worth $35,483,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of ED. Geode Capital Management LLC grew its position in shares of Consolidated Edison by 2.0% in the first quarter. Geode Capital Management LLC now owns 7,949,371 shares of the utilities provider’s stock valued at $761,387,000 after purchasing an additional 154,945 shares during the period. Legal & General Group Plc increased its stake in shares of Consolidated Edison by 0.9% during the 4th quarter. Legal & General Group Plc now owns 6,182,332 shares of the utilities provider’s stock valued at $589,238,000 after acquiring an additional 56,681 shares during the last quarter. Envestnet Asset Management Inc. lifted its holdings in shares of Consolidated Edison by 1,869.2% during the 1st quarter. Envestnet Asset Management Inc. now owns 4,786,202 shares of the utilities provider’s stock worth $29,777,000 after acquiring an additional 4,543,146 shares during the period. Moneta Group Investment Advisors LLC boosted its position in shares of Consolidated Edison by 89,231.2% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 4,145,861 shares of the utilities provider’s stock worth $395,142,000 after acquiring an additional 4,141,220 shares during the last quarter. Finally, Morgan Stanley grew its holdings in Consolidated Edison by 33.3% in the fourth quarter. Morgan Stanley now owns 4,128,579 shares of the utilities provider’s stock valued at $393,495,000 after purchasing an additional 1,030,730 shares during the period. 64.53% of the stock is owned by institutional investors and hedge funds.

Consolidated Edison Stock Performance

NYSE:ED opened at $91.49 on Friday. The firm has a 50-day moving average of $91.33 and a two-hundred day moving average of $93.57. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.02 and a quick ratio of 0.95. The stock has a market cap of $31.56 billion, a P/E ratio of 13.16, a PEG ratio of 9.32 and a beta of 0.37. Consolidated Edison, Inc. has a 1-year low of $78.10 and a 1-year high of $100.92.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $0.61 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.03. Consolidated Edison had a return on equity of 8.27% and a net margin of 15.84%. The firm had revenue of $2.94 billion during the quarter, compared to the consensus estimate of $3.31 billion. During the same quarter in the prior year, the business posted $0.64 earnings per share. On average, research analysts expect that Consolidated Edison, Inc. will post 4.9 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Wednesday, August 16th were issued a $0.81 dividend. The ex-dividend date was Tuesday, August 15th. This represents a $3.24 annualized dividend and a yield of 3.54%. Consolidated Edison’s dividend payout ratio is presently 46.62%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on ED shares. KeyCorp lifted their price target on shares of Consolidated Edison from $70.00 to $77.00 in a report on Wednesday, July 19th. Morgan Stanley dropped their price target on Consolidated Edison from $74.00 to $73.00 and set an “underweight” rating for the company in a research note on Wednesday, August 23rd. JPMorgan Chase & Co. reduced their price objective on Consolidated Edison from $89.00 to $80.00 in a research note on Wednesday, June 7th. Bank of America dropped their target price on shares of Consolidated Edison from $103.00 to $96.00 and set a “buy” rating for the company in a research report on Wednesday, August 16th. Finally, Barclays started coverage on shares of Consolidated Edison in a research report on Wednesday, August 23rd. They set an “equal weight” rating and a $88.00 price target on the stock. Five research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $89.79.

Consolidated Edison Company Profile

Consolidated Edison, Inc, through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. It offers electric services to approximately 3.6 million customers in New York City and Westchester County; gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County; and steam to approximately 1,530 customers in parts of Manhattan.